Bitcoin (BTC), Ethereum (ETH), and XRP Price Prediction Today (For March 11)

The post Bitcoin (BTC), Ethereum (ETH), and XRP Price Prediction Today (For March 11) appeared first on Coinpedia Fintech News

The cryptocurrency market, led by Bitcoin (BTC) and Ethereum (ETH), has shed more than $1.3 trillion in valuation since U.S. President Donald Trump Donald Trump Donald Trump is an American former president politician, businessman, and media personality, who served as the 45th president of the U.S. between 2017 to 2021. Trump earned a Bachelor of science in economics from the University of Pennsylvania in 1968. Trump won the 2016 presidential election as the Republican Party nominee against Democratic Party nominee Hillary Clinton while losing the popular vote. As president, Trump ordered a travel ban on citizens from several Muslim-majority countries, diverted military funding toward building a wall on the U.S.–Mexico border, and implemented a family separation policy. Trump has remained a prominent figure in the Republican Party and is considered a likely candidate for the 2024 presidential election President took the oath of office for his second term. The crypto market has experienced heightened selling pressure during the past eight weeks amid the mixed fundamentals, especially from the political environment.

Despite the Trump administration announcing the strategic Bitcoin and crypto reserve, which was highly anticipated, the ongoing tariff trade wars have changed the entire market dynamics. Consequently, on-chain data shows institutional investors have dramatically reduced their appetite for crypto assets, led by the U.S. spot BTC ETFs which have lost over $4.3 billion in the past two months. 

Bitcoin Price Expectations Today

After dropping more than 14 percent last week, Bitcoin (BTC) price has been retesting a crucial support level of around $78k in the past two days. In the two-hour timeframe, BTC price has been forming a potential bearish continuation pattern, with the next target around $73.7k. 

According to Arthur Hayes, co-founder of BitMEX, Bitcoin price will likely continue in bearish sentiment until major global central banks – led by the Fed, PBOC, ECB, and BoJ – kickstarts quantitative easing (QE) to stir up growth in their respective economies.

Ethereum Price Prediction 

The Ethereum (ETH) market has led the wider altcoin industry in bearish sentiment in the recent past. The large-cap altcoin, with a fully diluted valuation of about $225 billion and a 24-hour average trading volume of about $41 billion, closed last week below a crucial support range between $2.1k and $2.2k. 

As a result, it is safe to assume that the Ethereum sellers have the higher ground over the buyers. In the past 24 hours, Ether’s price retested the rising trendline of a regular chart of the weekly timeframe. However, a consistent close below $1,760 will trigger a heavy selloff in the coming weeks for Ether.

According to crypto analyst Benjamin Cowen, Ethereum price will likely bottom out after the Fed ends the prolonged Quantitative Tightening (QT).

XRP Price Prediction 

Ripple Labs’ XRP price has been forming a potential reversal pattern since early December 2024, characterized by a head and shoulders (H&S) formation coupled with a bearish divergence of the weekly Relative Strength Index. In the past few days, the XRP price has been retesting a crucial support level around $2, which coincides with the possible neckline of the H&S pattern. 

If the XRP buyers fail to defend the current support level, a major selloff towards $1.5, which coincides with the 0.618 weekly Fibonacci Retracement, will be inevitable.